From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with Aapryl’s Bill Himpele and Cesar Gonzales to discuss why allocators and financial advisors should move beyond backward-looking performance reporting toward skill-based analytics. They explain that much apparent outperformance is driven by cyclical market and style exposures rather than repeatable manager skill, and describe Aapryl’s peer-relative methodology, including style-adjusted “passive portfolio” clones that separate exposure from skill and break skill into stock selection, timing, and consistency. The episode highlights Aapryl metrics such as the Aapryl Score (rank 1–5) and expected alpha, supported by ongoing quarterly testing and machine learning to form a forward-looking view. They also cover the Zephyr–Aapryl partnership embedding Aapryl analytics in the Zephyr dashboard, including coverage of SMA managers via Zephyr’s PSN database, to improve diligence, communication, transparency, and decision accountability.
Learn more about Zephyr and investment risk management here.
Learn more about Aapryl here.
00:00 Welcome to the Podcast
01:15 Meet Bill and Cesar
03:46 Why Skill Beats Performance
07:30 Advisor and Allocator Impact
09:31 Aapryl Score and Expected Alpha
11:51 Peer Groups and Return Based Analysis
15:09 Zephyr Aapryl Partnership
20:26 Who Benefits and SMA Coverage
24:48 Transparency and Evidence Based Testing
27:57 Wrap Up and Where to Learn More
Connect with Ryan Nauman:
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